Woodward, Inc. (NASDAQ:WWD) reported weaker-than-expected results for its fourth quarter on Monday.
The Fort Collins, Colorado-based Woodward is an independent designer, manufacturer, and service provider of control solutions for the aerospace and industrial markets.
Fourth-quarter net sales were $737 million for the fourth quarter of 2019, up 2%. Earnings per share were $1.03, down from $1.16. Adjusted earnings per share1 were $1.22, down from $1.39
EBIT was $86 million for the fourth quarter of 2019, compared to $91 million for the fourth quarter of 2018. Adjusted EBIT for the fourth quarter of 2019 was $103 million, compared to $122 million for the fourth quarter of 2018.
Aerospace segment net sales for the fourth quarter of fiscal 2019 were $506 million, compared to $461 million for the fourth quarter a year ago, an increase of 10%.
Aerospace sales growth for the fourth quarter of 2019 was strong across military markets and commercial OEM, while the 737 MAX grounding led to softer initial provisioning. The segment continues to benefit from higher defense spending and increased aircraft content as narrowbody production ramps.
Industrial segment net sales for the fourth quarter of fiscal 2019 were $231 million, compared to $258 million for the fourth quarter a year ago.
CEO Thomas A. Gendron said "As we look ahead to fiscal year 2020, we are well positioned to deliver another year of strong performance, maintain positive momentum in our Aerospace segment, drive margin improvements in our Industrial segment and consistently deliver operational excellence."
Shares faded $2.80, or 2.5%, to $110.79
